House hunting is an exciting time. When you’re finally ready to buy a home, the next logical step would be to scope out different homes on the market in order to find the one that you fall in love with and meets all your needs. But as fun as it can be to hop from one home to another, it’s also a task that you need to make the most of.

When visiting homes on the market, be sure to keep the following in mind.

1. Get Pre-Approved For a Mortgage

How do you know how much you can afford to pay for a home? Are you planning to just arbitrarily visit homes regardless of their price? Not only is this a waste of time it can also set you up for disappointment.

But you can make the most of your time house-hunting by getting pre-approved for a mortgage. While this is not a guarantee that you will definitely get approved, it is a foot in the door.

Your mortgage broker will assess your current finances on a surface level and will pre-approve you for a certain loan amount. From there, you’ll have a better idea of what price range you should focus on when searching for a new home.

2. Hire a Seasoned Real Estate Professional

Once you’ve made a visit to your mortgage broker, the next professional that obviously needs to be recruited is a real estate agent. Hiring a professional with experience in the neighborhoods you’re interested in will give you a leg up in the process.

They’ll make sure you spend your time wisely searching for homes that match your criteria and will help you make sense of potentially complex real estate contracts. Your agent will be sure to include the right contingencies to protect you and will negotiate on your behalf to help get you the best price possible.

3. Don’t Let Minor Repairs Scare You

Most buyers prefer to buy a home that’s in move-in condition, with nothing to do except move their belongings in. But it’s not uncommon for resale homes to have minor little issues here and there that might need some attention.

Don’t let these little issues deter you from potentially landing a great home at a great price. Try to look past things that can be easily rectified, especially if you love the home and the neighborhood it’s in, and the price fits within your budget. Unless you build the home yourself from scratch and it’s brand new, it’s likely that there may be things that might need some tweaking to make the home perfect.

4. Keep a Look-Out For Signs of Major Problems

While little issues might not be such a big deal, more serious problems could cost you a lot more than you’d care to spend. During your showing appointment, be sure to pay attention to any red flags that could be signs of much bigger issues that you may have to deal with, including the following:

• Musty smells, which could be a sign of water infestation and even mold;
• Stains on ceilings, floors, and walls, which could also point to water problems;
• Uneven floors, ‘sticky’ doors and windows, and large cracks in the foundation wall, which could be signs of a faulty foundation;
• Gnaw marks on trim and other wooden components, which could be a sign of a termite infestation.

Your home inspector will be able to uncover any issues you may not have noticed during your viewings, so be sure to include a home inspection contingency in your real estate agreement.

5. Make a List of Must-Haves

Who wouldn’t love a huge lot, a gorgeous view, 10′ ceilings, granite counters, multiple walk-in closets, and Sub Zero kitchen appliances? While you just might be able to get all of these things, it’s important to be realistic about what your budget can get you. Although there may certainly be things you’d love to have, be sure to differentiate between your “needs” versus your “wants.”

Before you visit your first home, go in armed with a list of absolute must-haves in order for the home to suit your lifestyle. While you may be open to compensating certain traits, others might be ones that you won’t be so open about sacrificing.

6. Scope Out Different Neighborhoods

You might have a good idea of exactly where you’d like to live, but keep an open mind about other communities that you might not have thought about. Your real estate agent may have some neighborhoods in mind for you to check out that they think might be places that would suit your tastes and lifestyle.

The location of the home you buy is even more important than the actual house. The structure itself can be changed, but there’s nothing you can do about the location. Think about important things such as the types of schools in the area, proximity to your place of work, noise pollution, future developments, and businesses in the area before settling on a specific neighborhood and lot.

7. Book Second Showings on Homes That Make the Short List

Don’t put in an offer after only visiting a home once. Even if you believe you’ve found “the one,” it’s still important to check the place out one more time before signing off on an offer. There may be things that you might not have noticed the first time around, and viewing the home a second time around will give you another opportunity to see the place in a different light.

When you do book a second showing, consider going at a different time of day than the first time around. The way a neighborhood seems during the day might be totally different than how the area is at night. Things such as traffic and how neighbors behave could differ at various times of the day.

The Bottom Line

Buying a house is a huge deal and a major expense. The last thing you want is to suffer from the dreaded “buyer’s remorse.” But you don’t have to. With careful planning, sound house-hunting tactics, and a seasoned real estate agent by your side, you can make the most of your house-hunting trips and buy the home of your dreams.

There are so many attractive features that a property can possess that will help it sell quickly. But on the other hand, there are also a number of negative traits that can make selling a home much more difficult, and being situated on a busy road is often one of them.

A home perched on a quiet lot tucked away from all the hustle and bustle of thruways is usually a much more attractive option for buyers than a home that abuts a main roadway. The noise and traffic can be deterrents for buyers.

But if you happen to be selling a home on a busy street, don’t fret. There are things you can do to help ensure that your home sells in a reasonable amount of time and for a decent amount of money.

Beef Up Your Landscaping

Landscaping does so much more than just makes the outside of a home look pretty. When done strategically, it can actually help to camouflage the traffic and drown out the noise from passing vehicles. Consider planting shrubs or hedges along the edge of your lot closest to the street to help minimize the noise.

Add water features with the relaxing sound of trickling water to further cancel out the noise. Build a fence around the perimeter of the front lot, and outfit it with greenery.

There are plenty of ways to make good use of landscaping to help reduce the negative impact that being on a busy road may have.

Create a Backyard Oasis

While the front yard might be close to the street and be exposed to a lot of noise from passing cars, the backyard doesn’t have to be so noisy. Take your landscaping a little further and take it to the backyard to create a quiet, tranquil oasis that seems a world away from the busyness of the front of the home.

Ensure the Interior is Quiet

Although you may be unable to avoid hearing the noise of passing traffic while being outside the home, there are things you can do to make sure that your home’s interior is guarded against the noise. Make sure your windows and doors are sealed properly with adequate caulking and hang heavy drapery over your windows to help absorb the sound.

If your budget permits, consider swapping your current windows with triple-pane, noise-reducing windows and ensure that your walls are well-insulated. Buyers will be pleasantly surprised when they see that the noise they may hear when they are outside can barely be noticed when indoors.

Play Up the Convenience of Transportation

There are plenty of buzzwords that real estate agents use to make a home sound as attractive as possible to buyers, and “convenient transportation” is often one of them. Buyers who are looking for easy access to major roadways might actually appreciate being close to a busy street. This is especially true if there are public transit stops within close proximity.

And if you happen to be on the main drag, you’ll also likely be close to shops, eateries, and other amenities that buyers might find convenient. Play up these points in order to make it look as if living on a busy road is a good thing rather than a bad one.

Advertise Your Home as a Potential Live-Work Space

Many people work from home, so perhaps marketing your home as a potential live-work commercial property may a great way to attract this specific demographic of buyers. Some buyers may even be looking for an exclusive commercial unit, which your home may be able to serve.

After checking with your local government officials and ensuring that the current zoning laws would permit your home to be used as a commercial unit, you could potentially advertise your home as either residential or commercial.

Anyone who runs a business knows how helpful it is to be located on a street that gets plenty of traffic, and therefore plenty of eyes on the business. In this way, you can open up your pool of buyers and increase the odds of finding an interested buyer sooner.

The Bottom Line

Many buyers might see homes that are located on busy roads as a bad thing. But many others might be able to overlook such a feature if you play up other components of your home. Speak with your real estate agent about what you can do to your home to play down the traffic and noise, and consider savvy ways to market your home to buyers who may actually appreciate such close proximity to a main road.

I have been craving pizza for weeks— and this week I finally got it! Coalfire Pizza, located at 3707 N Southport Ave, is a perfect weeknight date spot. We came in on a Tuesday evening around 6, which was apparently the perfect time! There were a few tables occupied, but it was otherwise relatively quiet. We were seated immediately- in the room that has giant, lighted marquis letters that spell… PIZZA. I was already charmed! The menu is simple, with just a few starters, build-your-own pizzas, and Coalfire’s pre-created pizzas. We decided to start with the Apple & Endive Salad: escarole, frisee, radicchio, sliced honey-crisp apples, farro, gorgonzola, walnuts, and a black pepper vinaigrette. First of all, the portion was gigantic! We had more salad than we could finish between the two of us; always a pleasant surprise. This salad was fantastic! I loved all the different types of greens, they were so bright and crunchy. It was loaded up with plenty of walnuts and cheese- some of my favorite salad toppings! The farro added great texture and the vinaigrette was nice and light. We decided to build our own pizza! Each pizza starts with mozzarella, sauce, and pecorino Romano cheese. We added red onion, jalapeño, and Berkshire sausage. We absolutely loved it! The crust is thin and crispy at the edges, but soft throughout the rest of the pizza. The sausage had a wonderful flavor and was very rich. We both like spicy food, so the addition of the jalapeños was awesome! The pizza is about 14 inches, which was more than enough food for the two of us. We even had a couple of slices leftover to take home! We will definitely be back to try other pizzas- we’re hooked!

Coalfire has another location in West Town at 1321 W. Grand Avenue. Lakeview hours are Tuesdays through Thursdays from 4 pm to 10 pm, Fridays and Saturdays from noon to 11 pm, and Sundays from noon to 9 pm. West Town hours are almost the same; with the exception of Sunday evenings when they are open until 10 pm. Both locations are closed on Mondays. For more information, visit their website.

RACHEL HOOVLER & DEAN’S TEAM CHICAGO

After finding a great home that you’re willing to spend the big bucks on, it can be really disappointing and disheartening to be turned down for a mortgage.

But instead of throwing in the towel in defeat, it would be best to identify what’s contributing to your difficulty in getting approved for a mortgage. Understanding what the issues are can help you make the necessary changes so that the next time around, you can be in a much stronger position to get approved.

The following are some of the more common reasons why you might find yourself getting turned down for a home loan.

1. Your Credit Score Needs Improving

There are several important factors that lenders assess when they determine whether or not to approve a mortgage applicant, and credit score is one of the big ones. While each individual lender will have their own specific minimum credit score that they’ll accept, you can expect the minimum credit score required to get approved for a mortgage to be anywhere between 620 to 650.

A low credit score makes you a bigger perceived risk to lenders. One of the biggest culprits behind low credit scores is a history of missed payments. If you’ve missed a few debt payments in the past, you can bet that they’ll negatively impact your credit score. And the lower your score, the lower your chances of getting approved for a home loan.

If that’s the case for you, consider taking some time to improve your score before applying for a mortgage. Find out why your score has taken a hit and take measures to rectify it.

2. Your Down Payment Amount is Too Small

Your down payment goes towards the purchase price of the home, but if you aren’t able to come up with a decent amount relative to the property’s value, the odds of getting turned down for a mortgage are pretty high.

Down payment amounts are based on the purchase price of the home, and depending on what type of mortgage you’re applying for, there are minimum requirements. For a high-ratio conventional mortgage, for instance, the minimum amount is 5% of the purchase price, while for FHA home loans, the minimum amount is 3.5%. If you can’t come up with these minimum amounts, your lender will likely turn you down.

It should also be noted that all other factors that lenders look at will influence how much of a down payment you’ll need. If other parts of your financial life are a little shaky, your lender might require a bigger down payment. 

3. Short Employment History

Having a steady job that pays well is incredibly important when applying for a mortgage, for obvious reasons. You could be making great money and have a full-time job with a reputable company, but if you just started a couple of months ago, that might not be enough employment history to make your lender comfortable enough to approve your mortgage application.

Generally speaking, lenders require at least two years of steady employment before they approve a loan application. That’s because they want to make sure that you’re capable of holding a job for the long haul and aren’t transient in your employment profile.

The ability to hold down a job consistently will assure lenders that you’ll have enough money coming in on a regular basis to make your mortgage payments on time and in full every month. But without such a history, lenders have little to go on.

4. Too Much Debt Relative to Income

Your income is an obvious factor that lenders will look at; after all, they want to make sure you bring in enough of an income to be able to comfortably pay your mortgage. But if you’ve got a huge debt load that’s offsetting your income, that could play a huge factor in whether or not your lender will approve your mortgage application.

More specifically, your debt-to-income (DTI) ratio will be factored into the equation. If your current debt load is already a bit much for you to carry, throwing a mortgage payment into the mix will probably overload you financially.

To weigh your debt against your income, lenders will divide your total monthly debt by your monthly income. If your debt is currently $2,000 per month, for instance, and your monthly income is $5,000, your DTI would be 40%.

A DTI that’s too high means your income is stressed by your current debt, making you more of a risk to default on your mortgage. Lenders like to see a DTI of no more than 43%, so if your DTI is higher than that, your lender will likely turn you down for a mortgage.

5. The Property Was Appraised Too Low

Lenders want to make sure that whatever buyers agreed to pay for the home is in line with current market values. They won’t want to hand out loan amounts that far exceed what homes are worth. That’s why they send out professional appraisers to verify the current value of the home being purchased. If the appraisal comes in too low, the mortgage could be denied.

If a buyer agrees to pay $600,000 for a home, for instance, but it’s actually worth $550,000, the lender may be hesitant to provide a loan for this transaction because the collateral they have to back up the loan isn’t worth as much as what the buyer agreed to pay for it.

Property values must be enough to back the amount of the home loan amount that the buyer is applying for. If it’s not enough, the mortgage could be rejected.

The Bottom Line

It’s not fun being turned down for a mortgage. But that doesn’t mean your dreams of homeownership are necessarily quashed. Find out why you’re having trouble getting approved, and take measures to make the necessary improvements so that the next time you apply, lenders will be more than willing to extend a home loan to you.